Al Mazunah Free Zone attracts new investments

Business Sunday 30/December/2018 15:54 PM
By: Times News Service
Al Mazunah Free Zone attracts new investments

Muscat: An active investment movement is being witnessed at Al Mazunah Free Zone, which falls under the umbrella of the Public Establishment for Industrial Estates – Madayn, as the number of operating projects touched 197 by the end of November 2018, said Said bin Abdullah Al Balushi, supervisor of business processes in the free zone.
“Al Mazunah Free Zone received 46 new investment applications, which are currently under review and study,” Al Balushi said, adding: “The free zone has contributed to the formation of Small and Medium Enterprises for the citizens in the wilayat of Al Mazyunah. Around 14 SMEs were established in the fields of import, export, shipping, unloading, construction, hospitality and public services. Additionally, the free zone provided 60 job opportunities for the national cadres in the operating body of the free zone, investing companies and the developer, Golden Hala Company.”
Al Balushi added that Madayn is currently working on a number of projects including phase one of developing the free zone (second package), phase two, transmitting electricity to the leased companies (cables and transformers), and the broadband project.
As per the electronic system adopted by Al Mazunah Free Zone to manage the movement of exported and imported goods, the volume of imported goods to the free zone has touched 155,666 tonnes by the end of November 2018. Besides, the number of imported vehicles, machinery and equipment amounted to 7,739 during the same period.
“Madayn undertakes constant efforts to promote the Al Mazunah Free Zone among investors through organising several events that highlight the available investment opportunities in the free zone and the role played by its strategic location in contributing to the regional and international trade and investment movement,” Al Balushi stated.
He added that these efforts come along the lines of Madayn’s vision to enhance Oman’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission to attract industrial investments and provide continued support, through regionally and globally competitive strategies, good infrastructure, value adding services, and easy governmental processes. The efforts also come in line with Madayn’s objectives, which include attracting foreign investments to the Sultanate and localising the national capital, contributing to stimulating the private sector to achieve sustainable economic and social development, achieving environmental sustainability, and contributing to the creation of new job opportunities for the national cadres.
Al Mazunah Free Zone was established under Royal Decree no. 103/2005 to operate under the management of the Public Establishment for Industrial Estates. The strategic location of the free zone on the border of the Sultanate and Yemen makes it the Gulf gateway for transit trade to Yemen and Eastern Africa. The free zone aims at attracting local and international investments to increase the volume of trade exchange, attract advanced technologies, and create job opportunities. General incentives are offered to investors, including customs’ exemptions, 100 per cent foreign ownership, no minimum capital requirements, and the Omanisation rate stands at 10 per cent. Other incentives include easy access of individuals and investors to the free zone without entry visas being required for Yemenis, facilitation of employing a Yemeni workforce without an entry visa being required, and facilitation for senior Yemeni corporate officers and investors to obtain work visas, among other incentives.